MOFAIC announces 3rd cycle of $50m UAE-CREF
ABU DHABI: The UAE Ministry of Foreign Affairs and International Cooperation (MOFAIC) on Saturday announced at Abu Dhabi Sustainability Week 2019 the launch of the third cycle of the $50 million Uae-caribbean Renewable Energy Fund (UAE-CREF), with funding allocated to projects delivered in Jamaica, Cuba, Suriname, Trinidad & Tobago.
Fully financed by Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, the UAE-CREF, the largest renewable energy initiative of its kind in the Caribbean region, is a partnership between MOFAIC, ADFD, and Masdar (Abu Dhabi Future Energy Company), the project manager and implementing lead.
Today’s announcement was made during the 9th Session of the General Assembly of the International Renewable Energy Agency (IRENA).
Speaking before the General Assembly, Sultan Al Shamsi, Assistant Minister of Foreign Affairs and International Cooperation for International Development Affairs, noted that the Caribbean region is witnessing remarkable progress in terms of increasing reliance on renewable energy projects, thanks to efforts exerted by the various parties participating in the Uae-caribbean Renewable Energy Fund, in light of the longterm vision of the countries these projects are implemented in.
“The Uae-caribbean Renewable Energy Fund will help to enhance energy security and resilience to climate change. It will also contribute to the creation of an environment conducive to attracting more investments and create new jobs in these small islands, supporting the achievement of Sustainable Development Goals, particularly Goal 7 on ensuring access to affordable, reliable, sustainable and modern energy for all, and Goal 13 on taking urgent action to combat climate change and its impacts. We are pleased to launch the Fund’s third funding cycle, which will contribute to achieving greater convergence between the UAE and the countries of the Caribbean”, he remarked.